S4606Referred to Committee

Increasing Opportunity For Reindustrialization Act

Introduced

In Committee

Passed One Chamber

Passed Both

Signed into Law

119th

Congress

2026-05-20

Introduced

Cosponsors

ⓘ

Type

Sponsor

David McCormick

Republican · PA · Senator

Votes with party: 35.2% (315 recorded votes)

Full profile: /officials/M001243

Source: Congress.gov · FEC

Cosponsors (1)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Brian Schatz (D-HI)Original· 2026-05-20

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Read twice and referred to the Committee on Finance.

2026-05-20

Source: Congress.gov

Committee Activity

Currently in

Senate Committee on FinanceReferred To · 2026-05-20

Plain-English Summary

The proposal would allow certain neighborhoods built on or near closed military bases to qualify for special tax breaks that encourage investment and business development in those areas. These tax incentives would help attract companies and investors to revitalize communities that lost economic activity when military installations shut down. Workers and businesses in these designated areas could benefit from reduced taxes on capital gains and other investments made there.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

Subjects

Taxation

Full Bill Text

Verbatim text published on Congress.gov via GovInfo. Use Cmd+F / Ctrl+F to search within this excerpt.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 4606 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 4606 To amend the Internal Revenue Code of 1986 to permit certain population census tracts containing former military installations to be designated as qualified opportunity zones. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES May 20, 2026 Mr. McCormick (for himself and Mr. Schatz) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to permit certain population census tracts containing former military installations to be designated as qualified opportunity zones. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Increasing Opportunity For Reindustrialization Act''. SEC. 2. CERTAIN AREAS CONTAINING FORMER MILITARY INSTALLATIONS ELIGIBLE FOR DESIGNATION AS QUALIFIED OPPORTUNITY ZONES. (a) In General.--Section 1400Z-1(c)(1) of the Internal Revenue Code of 1986 is amended-- (1) by striking ``or'' at the end of subparagraph (A)(ii), (2) by striking the period at the end of subparagraph (B)(ii)(II), and (3) by adding at the end the following new subparagraph: ``(C) such population census tract contains any portion of a former installation, facility, or entity of the Department of Defense closed pursuant to a base realignment and closure round.''. (b) Designations Exempted From Limitation.--Section 1400Z-1(d) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: ``(3) Special rule for population census tracts containing former military installations.--For purposes of applying paragraphs (1) and (2)-- ``(A) a population census tract which is described in subsection (c)(1)(C) and which does not meet the requirements of subparagraph (A) or (B) of subsection (c)(1) shall not be treated as a low-income community, and ``(B) the number of population census tracts in a State that may be designated as qualified opportunity zones under this section during any period (determined after application of paragraphs (1) and (2)) shall be increased by the number of population census tracts described in subsection (c)(1)(C) and nominated for designation as qualified opportunity zones during such period.''. (c) Effective Date.--The amendments made by this subsection shall apply to areas designated under section 1400Z-1 of the Internal Revenue Code of 1986 after the date of the enactment of this Act. <all>

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